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Gold Hangs Near Three-Week High, Silver Gains, Other Metals Drop

October 12, 2020 at 18:49 by Vladimir Vyun

Gold was hanging near the highest level in three weeks today. Market analysts explained that risk aversion was a probable reason for bullion to trade at elevated levels but the rally of global stocks prevented the metal from going further up. Silver logged decent gains, while platinum, palladium, and copper dropped.

The upcoming US presidential election is a major source of worries for investors. While the threat of a contested election diminished as Democratic candidate Joe Biden seems to lead in the polls, there is still a high level of uncertainty surrounding the election, and that worries market participants. Stalled negotiations about a coronavirus relief package in the United States also hurt investors’ confidence. Democrats want an extensive stimulus package, while Republicans do not want to increase the already huge debt ahead of the election. And of course, the threat of the second wave of the COVID-19 pandemic remains a huge factor detracting traders from risk.

Futures for delivery of gold in December were almost unchanged at 1,927.2 per troy ounce as of 18:42 GMT on COMEX today, trading near the highest level since September 21. Silver rallied by $0.14 (0.57%) to $25.25 per ounce. At the same time, spot price for platinum dropped by $14.95 (1.67%) to $877.88 per ounce, and palladium fell by $36.28 (1.49%) to $2,404.63 per ounce. Copper for delivery in December declined by $0.019 (0.62%) to $3.0635 per pound.

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